Carl Chen & Tom Lu, Temple Honor Asia (Taiwan) are giving a presentation titled "The World According to GARP Taiwan: Growth at a Reasonable Price". The analysts are the next speakers at the 9th Annual Value Investing Congress.
Carl Chen is a Co-Founder and Managing Member of Temple Honor, LLC based in Taipei, Taiwan, a value oriented firm with headquarters in China. Since 2007, Mr. Chen has co-managed the Temple Honor Asia Fund L.P. The fund uses a value oriented strategy investing in public companies throughout Asia. Chen also advises pre-IPO technology companies in Taiwan and resource based investors and producers with his global macro outlook.
Tom Lu has been a Managing Partner at Temple Honor, LLC. Previously, Lu spent 14 years at Uni-President Asset Management Corp. (UPAMC) a Taiwan based investment manager with more than $2 billion AUM. Lu served as a Director of Research at UPAMC before being promoted to CIO where he was responsible for a wide array of investment strategies, sectors and exposure; researching companies across asia.
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Overlooked Opportunity: Taiwan Stock Index
2 Ideas (1 risky, 1 safe)
Smart phone market set to double by 2015 (43% CAGR from 2012-2015)
China Wireless Technologies Ltd (2369 HK) --2nd largest vendor by sales of its own brand (Coolpad)
Number portability is not yet possible in China, and cool pads have both inputs so they work with all phones
1/3rd cash on balance (net cash of 0.96 HK$ per share)
1H 2013 sales up 55% yoy --70% of sales are direct to consumer---CEO wants to be "Steve Jobs"
Valuation: HK$565 (78% upside from current price)
Apple ecosystem has not caught on in China --actually thinks Apple continues to lose share in China as they have priced themselves out of the market. iTunes not entrenched in China and macbooks are too expensive
(11:53am EST) Next Idea
MediaTek (MTK) --fabless IC design house that specializes in system on chip (SOC) solutions for the mobile device industry
majority of revenue comes from handsets --growing market share
clients include sony, lg, panasonic, alcatel, and huawei
dominates china's 2G/3G market
solid balance sheet and solid management and a lot of cash
Unit shipments on target 104% yoy gain ---EPS and Sales growth is trouncing the competition over Spreadtrum and Qualcomm, etc
Target Price: 23-28% upside to current shares
